if I have a company and have a different GSTN no. for different States, in some states I have a input tax credit but in other states I have output tax liability then can we offset the output tax liability against other states input tax liability. please reply with section.
sonu
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ITC Credit
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In terms of Sec 49(5) ITC of-
» IGST can be used to pay IGST first and balance for CGST and SGST.
» CGST can be used to pay CGST first and balance for IGST.
» SGST can be used to pay SGST first and balance for IGST.
» Cross utilization of CGST and SGST is not allowed.
» IGST can be used to pay IGST first and balance for CGST and SGST.
» CGST can be used to pay CGST first and balance for IGST.
» SGST can be used to pay SGST first and balance for IGST.
» Cross utilization of CGST and SGST is not allowed.
but our question regarding can we offset one state out our tax with another state input if we have different GSTN no. for both state ...
Yes ofcourse you can take credit of input tax paid in one state against the output liabilty of another state but only in the manner answered above that is SGST and CGST cross utilization i.e. offset against each other will not be allowed. . but it can be set off against IGST for IGST first and balance for CGST and SGST
thanx mam
Dear Ravi,
It can only be done in 2 ways
1. the state having excess credit will bill to another, if many common expenses which are required to be shared by HO and branches but it is absorbed by HO itself and hence their is difference of liability.
2. Register your self as ISD then distribute the Liability.
It’s a forum related to information about the taxes and other ideas. So far this sire is known essayshark review is going to present more ways of learning the basic things and getting ideas.
You may find this article helpful..
https://gstindianews.info/gst-set-off-rules-chart-excel-calculation/
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